Though, there is no official estimation of logistics cost for India, some private institutions have estimated the logistics cost to be 13 to 14 percent of the GDP.
However, the Indian government’s newly proposed policy aims to reduce this to 9 -10 percent of the GDP.
The vision of the proposed policy is to drive economic growth and business competitiveness of the country through an integrated, seamless, efficient, reliable, green, sustainable and Cost-effective logistics network leveraging best in class technology, processes and skilled manpower, Commerce & Industry ministry said on 11th December.
It also said that in order to simplify documentation for exports and imports through digitization, Department of Revenue, CBIC have taken several initiatives such as;
- SWIFT ( Single Window Interface For Trade )
- Adoption of Digital Signature
- 24×7 Customs Clearance – for facilitated Bills of Entry and factory stuffed containers and goods exported under free Shipping Bills at select ports
- Import Data Processing and management System (IDPMS) – jointly launched with RBI to facilitate efficient data processing for payment of imports and effective monitoring
- Two new IT Modules ICEDASH (Ease of doing business monitoring dashboard) and ATITHI app for electronic filing by passengers for baggage
- PCS 1X which is a platform for port related processes developed by Indian Ports Association.